What is ‘Fixed’ APR and ‘Variable’ APR?

3 years ago
Banking

‘APR’ (Annual Percentage Rate) can be ‘Fixed’ or ‘Variable’ type. In ‘Fixed APR’, the interest rate remains same throughout the term of the loan or mortgage, while in ‘Variable APR’ the interest rate will change without notice, based on the other factors like ‘prime rate’.

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Susmita Sah
Susmita Sah
Jan 13, 2022
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